The African Development Bank Group is progressing with financial reforms that have helped it become stronger, more resilient, and better equipped in the wake of the Covid-19 crisis, the institution’s Senior Vice President Bajabulile Swazi Tshabalala said on Thursday.
Addressing the Bank Group’s shareholders, Executive Directors, and partner agencies at the organization’s 2022 Annual Meetings in Accra, Tshabalala said the institution strengthened its long-term financial sustainability framework over the last three years, ensuring that it built more resilience against future shocks.
“We updated our financial and risk policy; we undertook a review of our cost structure and are currently developing the Bank’s new cost containment framework to optimize the resources available for fulfilling our mandate,” Tshabalala told the audience, which included the Bank Group’s President, Dr. Akinwumi Adesina, and senior management.